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UPDATE 1-Japan must respect FX rules as its seeks growth-Lew
May 10, 2013 / 10:06 AM / 4 years ago

UPDATE 1-Japan must respect FX rules as its seeks growth-Lew

LONDON, May 10 (Reuters) - U.S. Treasury Secretary Jack Lew said on Friday that Japan had “growth issues” but its attempts to stimulate its economy need to stay within the bounds of international foreign exchange agreements.

“Japan has growth issues for a long period of time that we have encouraged Japan to address. So as long as they stay within those bounds of those international agreements I think growth is an important priority,” Lew told the CNBC news channel in London.

“I‘m just going to refer back to the ground rules and the fact that we’ve made clear that we’ll keep an eye on that,” he added.

The yen hit a four-year low against the dollar earlier on Friday beyond the psychologically important 100 yen mark. Lew was speaking ahead of a meeting global finance chiefs, where the yen’s slide is expected to be a topic of discussion.

Lew also said some European countries had more fiscal space to create demand, and warned that global economic recovery could not be led by the United States alone.

“For a global recovery ... It cannot be led by the United States alone ... There are countries in Europe that have more fiscal space in Europe to create a bit more economic demand and more economic growth,” he said.

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